Bridge Development Partners bought a 33-acre property in Cicero, with plans for its latest venture into the hot industrial market.
The Chicago-based developer bought the land at 1400 South Laramie Avenue for for $11.7 million from Meridian Rail Corporation. It plans to build two industrial buildings on the site, one about 343,000 square feet and the other about 233,000 square feet, according to Cook County documents.
The complex would be next to Bridge Development’s Bridge Point 290 facility at 1531 South 54th Avenue, a 323,000-square-foot industrial building.
Brett Tomfohrde, Stephen Connolly and Mark Moran of NAI Hiffman represented Meridian in the deal.
A representative of Bridge did not immediately return a call seeking comment.
The company in May landed a $41.2 million construction loan for a warehouse complex in suburban Downers Grove. The overall Chicago industrial market has been on fire, with rents reaching a record high in the second quarter.
Bridge also has been active in other markets, particularly in South Florida, where it plans to deliver more than 1.75 million square feet of industrial space in the next year.
